ASAP Energy, Inc. & Fast Lane Stores

Service Type: Refinancing

Client: ASAP Energy, Inc. & Fast Lane Stores

Client Description: Operates 18 c-stores/truck stops; distributes branded & unbranded fuels to 180+ accounts; operates a fuel and lubricants transportation business with 34+ transport units.

The Trigger:

  • The Company reached concentration limits with its existing lenders and was unable to pursue further growth opportunities.

The Project:

  • The Company experienced tremendous growth with minimal leverage and was interested in developing an execution strategy to capitalize on multiple growth opportunities presented to the Company.
  • The Company’s existing loan facilities were comprised of various term loans, shareholder loans, bridge financing used for acquisitive growth, and a revolving line of credit.
  • The Company engaged Corner Capital Advisors to refinance existing debt and secure new opportunities for growth capital.

The Solution:

  • Corner Capital developed a refinancing package that satisfied the Company’s requested terms, including:
    • An expanded revolving credit facility collateralized by the Company’s Accounts Receivable and Inventory.
    • Reduced Letters of Credit with Philips 66 and Shell Oil Company.
    • A development line of credit used to finance further development of newly acquired special projects.
    • Consolidated term loans, collateralized by the Company’s real estate assets.
    • A new, long-term relationship with a lender that understands the business, and has the capacity to expand its debt facilities as the Company grows.

The Result:

  • Corner Capital successfully marketed the refinancing opportunity to its network of investors and closed on the new loan facilities in time to meet the Company’s strategic objectives.
  • Despite expanding the Company’s credit facilities and thereby increasing leverage ratios, Corner Capital’s refinancing package effectively increased the Company’s FCCR by incorporating the performance of the Company’s recently acquired assets.
  • The Company’s debt service was significantly reduced, while opening growth capital availability to finance further growth efforts.